Global natural gas prices traded at US$2.5 per Mmbtu during daytime trading on Friday, May 17, 2024.

Yahoo Finance reports that global natural gas prices rose 0.32 percent today, reaching US$2.5 per mmbtu. This increase is relatively high compared to the average price movement over the past week.

This week, global natural gas prices saw their highest surge on Monday, May 13, 2024, at 5.73 percent. However, trading since the beginning of the year has shown a continuous decline, with year-to-date (YTD) growth of 5.23 percent.

The current situation mirrors the upward trend in global natural gas prices observed over the past three days.

Over the past week, global natural gas prices grew by 14.45 percent, with an average daily transaction price of US$2.38 per mmbtu. Compared to the price 30 days ago, global natural gas prices have increased by 40.22 percent. The highest trading value for global natural gas this year was US$3.31 per mmbtu, recorded on Friday, January 12, 2024.

Annually, the average trading price of global natural gas over the past five years has been declining. Meanwhile, monthly price monitoring shows a contraction in transactions over the past 12 months. The highest average monthly price for global natural gas was recorded in October 2023 at US$3.14 per mmbtu.

The Dutch Title Transfer Facility (TTF) is a virtual trading point for natural gas in the Netherlands. Virtually, this facility benefits numerous traders in conducting futures and physical gas trading.

Previously, Russia had reduced gas flow through the Nord Stream 1 pipeline to Germany to only 20% of its total capacity. This has led European countries to scramble for supplies to maximize gas storage for the winter and seek alternative sources.